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Home Markets Market Views

Apple becomes world’s largest public listed company, valued at $1.82 trillion

Olumide AdesinabyOlumide Adesina
2 years ago
in Market Views, Stock Market
U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Apple's CEO, Tim Cook

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Apple, the leading global brand in technology, recorded a major feat at the end of the trading session for the week by becoming the biggest publicly listed company in the world. This feat was recorded when Apple’s shares gained over 10% to a record high on Friday after reporting impressive quarterly results.

Apple has now overtaken Saudi Aramco (Saudi’s state-owned oil company) to become the world’s most valuable publicly listed company.

READ ALSO: With $111.1bn profit, Saudi Aramco is World’s most profitable firm in 2018

Apple’s stock ended the trading session at $425.04, putting its market valuation at $1.82 trillion, according to the share count the company provided on Friday.

READ MORE: Facebook buys start-up, Mapillary, to take on Apple and Google at street-level mapping

Saudi Aramco, which had been the most valuable listed company since going public in 2019, now has a market capitalization of $1.760 trillion as of the end of the last trading session.

How it happened: Recall that Nairametrics, about a day ago, revealed how Apple Inc’s Q3 revenue smashed Wall Street forecasts in spite of COVID-19 restrictions, showing that consumers bought more new iPads, iPhones, and Mac computers to stay connected during the COVID-19 era.

READ ALSO: Precious metals slump, investors focus on Central Bank’s intervention

Fiscal third-quarter revenue stood at $59.7 billion, a record for the June period, Apple disclosed in a statement. That was up 11% from a year earlier and beat analysts’ estimates of $52.3 billion.

The feat recorded by Apple on Friday was its largest one-day percentage gain since March 13, and it added $172 billion in market value during the trading session on Friday.

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Tags: AppleBusiness NewsCovid-19iPadsiPhonesSaudi AramcosharesTech

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